The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1887-07-23

several Menominee and Gogebic range
mines have been sold to the Lake Super
Tor Consolidated Iron Co., Moore, Benja-
min & Co. have issued the following
circular, which fully explains the consid-
GRAFTON OF one fthe largest transactions
OF the kind ever to take placein the Lake
Superior region. ''The Lake Superior
consolidated Iron Co. has been duly
organized under the laws OF the state OF
Wisconsin, with capital stock OF &c.,
100000, divided into shares OF 500
each, and $6,00O,OO0 OF first mortgage
bonds, running fifteen years and bearing
six per cent. interest. The persons prin-
cipally interested and directors OF the
new company are: VIM. Window, presi-
dent; Richard A. Elmer, treasurer; Jesse
r. Grant, secretary; Stephen w. Dorsey,
John III. Rice, Edward NJ. Hussey, N. ID.
Moore and +. A Bates. The amount
which the Consolidated Co. il to pay for
the mines is as follows; Iron Chief, $780,
900; Sunday Lake, 500, 900; Nimikon,
$4S0,000; Kakagon, $3.50, 900; Besse-
mer, $3.50, 900; Bourne S240, 900; Moore,
100000; Atlantic, $500, 900; Prospect
Hill, 100000; Florence, $500, 900;
Youngstown, 100000; Iron River,
100000; Orc, 100000; New York,
100000; 5000 acres mineral land,
$4,000; total, $4,550,000. The
Youngstown, Florence and Iron River
mines own the fee to 5000 acres OF care
fully selected mineral lands which are in
cluded, making over $4,000 acres OF
mineral land in all. In order to provide
n working capital for the Consolidated
Co. 10000 shares OF the par value OF
81 100000 OF It's capital stock il set
aside 60 be sold and the proceeds used
for that purpose. The remaining So
600, 900 of stock, together with the &c.
100000 OF bonds, IN 20 be sold and the
proceeds used TO pay the stockholders OF
the old companies. At the prices above
named the mines ARE TO be delivered to
the new company free OF all debt All Of
the stock and all Of the bonds OF the new
corporation, as well as the stock certifi-
Gates in the old companies, ARE To he
Immediately placed i'm the hands Of n.
ID. Moore, the trustee, who has been
commissioned as agent, and attorney in
fact OF the several companies, and all
money received by him from the sale OF
the securities is to be paid over pro-rata
to each OF the above named companies
and distributed TO the stockholders. The
new company has until February 1, TO
pay for the properties, but II is expected
that they will take possession and pay
for the mines several months earlier than
that time. To enable the Consolidated
Co. to build ten iron steamships Of at
least 1000 tons carrying capacity each,
to be used i'm the transportation OF its
ores, the trustee has been empowered 10
divert and appropriate the second twenty
five per cent. OF the proceeds OF the sale
OF bonds for the building or purchase oil
said steamships, but the amount so di'
verted does not diminish the purchase
price OF the mines. In order To facilitate
the market in New York city Of thesecur
tiles Of the new company, which are to
be listed on the New York Stock Ex
change, and TO entitle the Stockholders
i'm the old companies TO the full benefit
of the transfer, IL is arranged that the
present stockholders must surrender
their stock certificates 20 n. ID. Moore
trustee, 60 he held by him, but not can
celed, and that he issue in place thereof
a trustee certificate or receipt, which
shall recite the terms upon which Tn,
said trustees receipt IL TO be redeemed
IL is arranged that the present compan
les retain possession, control and man
agement Of their properties, effects and
affairs. with the right TO Use and APP
propriate all the earnings Of the mines
To the benefit Of the present stakeholder
until February 1, 1888, unless the prop
critics have been fully paid for in cash n
an earlier date, and that any DIVIDEND
earned until the properties are fully paic
for will belong TO the present stockhold
ers. All the ore which shall be mine,
and on hand, and credits due To TIM
present companies, up to the time tn
mines are delivered 10 the new company
u 10 remain the property Of the present
stockholders"
For the first time in many weeks th'
ore market shows signs OF animation
and dealers look forward 10 an increase
business by the first prox., as by tina
date several large furnaces are expectes